Bulgaria's Energoni plans to hike capital by EUR 511m

Sep 27, 2011 - Bulgarian renewable energy company Energoni, which made headlines with the dubious assessment of its patent for a wind farm construction method, plans to raise its capital by BGN 1 billion (USD 697m/EUR 511m), the invitation for its shareholders' meeting shows.

The shareholders will meet on October 28 to discuss the capital hike, which, if approved, will see its capital grow to BGN 1.547 billion from BGN 547 million currently. All details related to the transaction will be determined by the company's board of directors once the shareholders give them a mandate at the assembly.

The move first needs the approval of the Financial Supervision Commission (FSC). The previous capital hike to BGN 547 million was cleared by the financial regulator, but several months later, Ralitsa Again, then deputy chairwoman of FSC, acted to block Energoni's access to the local stock market.

In late August, however, a five-member panel of the Supreme Administrative Court lifted the ban on Energoni's stock.

(BGN 1.0 = USD 0.697/EUR 0.511)

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